Sinatra & Company put another project into Riviera Beach’s busy development pipeline with a proposed townhouse community across the street from the Estate Companies’ planned $60 million apartment complex.
The Buffalo, New York-based developer proposed 36 residences on 2.42 acres at 4142 Leo Lane. The townhomes will span 1,960 square feet with one-car garages across five two-story buildings. The Riviera Beach City Council is scheduled to vote on the project Wednesday.
The development will be market-rate but will target residents earning between 80 and 120 percent of the area median income, said Zach Ciciera, a senior land planner with Cotleur & Hearing, the project’s planning firm. That’s $65,400 to $98,280 a year for one person, according to last year’s HUD guidelines.
The developer hasn’t landed on whether to offer the units for sale or as rentals and asked for flexibility in a December hearing with the city’s Planning and Zoning Board, which unanimously backed the proposal.
Ciciera estimated prices of $400,000 to $550,000 for condos or $2,800 to $3,400 a month as rentals.
If approved, the developer would have 18 months to start construction and five years to obtain a certificate of occupancy, and it will be required to report its efforts to hire Riviera Beach residents and contract with local businesses.
Sinatra CEO and founder Nicholas Sinatra’s entity paid $2.5 million for the vacant property in September 2023. It’s flanked by two plant nurseries and the 69-acre Arbor Parc single-family community that was co-developed by Lennar and 13th Floor.
It is across the street from the 16-acre site where South Miami-based the Estate Companies plan to build a 255-unit complex called Soleste on the Trail with apartments between 700 and 1,000 square feet.
Riviera Beach has attracted real estate investors in recent years, as developers seek frontiers to build in South Florida and city leaders look to grow the tax base and create jobs.
Larger projects on the drawing board include SobelCo’s 1.2 million-square-foot mixed-use project at 1117 Broadway and Peter Baytarian’s Forest Development’s two 25-story Oculina condos at 3700 Broadway. Baytarian also recently won a competitive bid to build a $325 million mixed-use development with up to 450 apartments at 1851 Broadway.
The Related Group’s Related Urban landed a $100 million construction loan in September to build 149 workforce housing units near the city-owned Marina Village area.
That project, the eight-story Residences at Marina Village, will be built next to the planned 20-story Gallery at Marina Village, a development by the Related Group, BH Group and Tezral Partners. The city is taking bids from developers on a nearby 12-acre section of Marina Village.
Meanwhile, Riviera Beach tapped Sonnenblick Development for a $481 million redevelopment that will include a new city hall and library, a sports complex and residential development on 72 acres of city-owned land.